All amounts are expressed in US$ unless otherwise
indicated. Results are preliminary and unaudited and could be
adjusted based on final results. This news release contains
forward-looking information about expected future events and
operating performance of Pan American Silver. Readers should refer
to the risks and assumptions set out in the "Cautionary Note
Regarding Forward-Looking Statements and Information" at the end of
this news release.
VANCOUVER, BC, Jan. 19, 2022 /CNW/ - Pan American Silver
Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American Silver")
today announced its preliminary production results for the fourth
quarter ("Q4 2021") and full year 2021 ("FY 2021").
- Consolidated silver production in 2021 of 19.2 million ounces
was within the revised guidance range of 19.0 to 20.0 million
ounces provided on November 9,
2021.
- Consolidated gold production in 2021 of 579.3 thousand ounces
was within the revised guidance range of 560.0 to 588.0 thousand
ounces provided on November 9,
2021.
- Dolores achieved record gold production of 160.1 thousand
ounces in 2021.
"Production improved in 2021 over 2020, although continued to be
constrained by reduced workforce deployment levels due to the
COVID-19 pandemic. We are pleased to see progressive production
ramp up at La Colorada during the fourth quarter of 2021, following
the advances on the upgrades to the ventilation circuit and ground
support programs," said Michael
Steinmann, President and Chief Executive Officer.
Preliminary 2021 production results
Figures are preliminary and subject to final adjustment. The
final figures will be provided in Pan American Silver's financial
results for Q4 and FY 2021.
|
Silver
Production
(thousand
ounces)
|
Gold
Production
(thousand
ounces)
|
|
Q4
2021
|
FY
2021
|
Q4
2021
|
FY
2021
|
La
Colorada
|
1,584
|
5,171
|
0.8
|
2.7
|
Huaron
|
838
|
3,513
|
0.3
|
1.1
|
Morococha(1)
|
540
|
2,175
|
0.4
|
1.1
|
San
Vicente(2)
|
641
|
2,548
|
0.1
|
0.3
|
Manantial
Espejo
|
1,090
|
3,236
|
11.3
|
33.8
|
Dolores
|
507
|
2,240
|
40.1
|
160.1
|
Shahuindo
|
61
|
235
|
37.0
|
134.0
|
La Arena
|
11
|
40
|
32.6
|
112.4
|
Timmins
|
4
|
16
|
34.2
|
133.8
|
Total(3)
|
5,276
|
19,174
|
156.7
|
579.3
|
(1) Morococha data
represents Pan American Silver's 92.3% interest in the mine's
production.
|
(2) San Vicente
data represents Pan American Silver's 95.0% interest in the mine's
production.
|
(3) Totals may not
add due to rounding.
|
|
Consolidated Base
Metal Production
(thousand
tonnes)
|
Q4
2021
|
FY
2021
|
Zinc
|
11.2
|
49.4
|
Lead
|
4.1
|
18.1
|
Copper
|
2.4
|
8.7
|
Consolidated zinc, lead and copper production in 2021 was 49.4,
18.1 and 8.7 thousand tonnes, respectively, compared with the
revised guidance of 49.8 - 53.6, 18.5 - 20.3 and 8.9 - 9.2 thousand
tonnes, respectively, provided on November
9, 2021.
COVID-19 update
Pan American Silver is currently experiencing the effects of the
latest wave of COVID-19 infections, which has led to reduced
workforce levels. At the present time, it is too early to determine
what impact, if any, the current COVID-19 situation may have on
operations in the first quarter or full-year 2022. Consequently,
Pan American Silver has decided to postpone issuing its 2022
production and costs guidance. We intend to provide 2022 guidance
no later than February 23, 2022, when
Pan American Silver releases its audited results for Q4 and FY
2021.
Our priority is the health and safety of our workforce and
communities, and we are maintaining comprehensive protocols to
protect our people and limit the spread of the virus. Further
details are available at panamericansilver.com.
Q4 and FY 2021 audited results
Pan American Silver plans to release its audited results for Q4
and FY 2021 on February 23, 2022,
after market close. Details for the related conference call and
webcast are as follows:
Date:
|
February 24,
2022
|
Time:
|
11:00 am ET (8:00 am
PT)
|
Dial-in
numbers:
|
1-800-319-4610
(toll-free in Canada and the U.S.)
+1-604-638-5340 (international participants)
|
Webcast:
|
panamericansilver.com
|
The live webcast, presentation slides and the Q4 and FY 2021
report will be available at panamericansilver.com. An archive of
the webcast will also be available for three months.
Technical Information
Scientific and technical information contained in this news
release have been reviewed and approved by Martin Wafforn, P.Eng.,
Senior Vice President Technical Services and Process Optimization,
and Christopher Emerson, FAusIMM,
Vice President Business Development and Geology, each of whom is a
Qualified Persons, as the term is defined in Canadian National
Instrument 43-101 - Standards of Disclosure of Mineral
Projects.
For additional information about Pan American Silver's material
mineral properties, please refer to Pan American Silver's Annual
Information Form dated February 17,
2021, filed at www.sedar.com, or Pan American Silver's most
recent Form 40-F filed with the SEC.
About Pan American Silver
Pan American Silver owns and operates silver and gold mines
located in Mexico, Peru, Canada,
Argentina and Bolivia. We also own the Escobal mine in
Guatemala that is currently not
operating. Pan American Silver provides enhanced exposure to silver
through a large base of silver reserves and resources, as well as
major catalysts to grow silver production. We have a 28-year
history of operating in Latin
America, earning an industry-leading reputation for
sustainability performance, operational excellence and prudent
financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ
and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com.
Cautionary Note Regarding Forward-Looking Statements and
Information
Certain of the statements and information in this news release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian provincial securities laws. All statements, other than
statements of historical fact, are forward-looking statements or
information. Forward-looking statements or information in this news
release relate to, among other things: future financial or
operational performance, estimates of current production levels
that remain subject to verification and adjustment, including our
estimated production of silver, gold, and other metals in 2021; the
timing and release of our guidance for production, costs and
certain expenditures in 2022 and our audited results for Q4 and FY
2021.
These forward-looking statements and information reflect Pan
American Silver's current views with respect to future events and
are necessarily based upon a number of assumptions that, while
considered reasonable by Pan American Silver, are inherently
subject to significant operational, business, economic and
regulatory uncertainties and contingencies. These assumptions
include: the world-wide economic, supply chain, and social impact
of COVID-19 and the duration and extent of the COVID-19 pandemic
and related restrictions; continuation of operations following
COVID-19 related shutdowns or reductions in production; the impact
of COVID-19 on our financial and operational results; our ability
to manage reduced operations efficiently and economically,
including the impact on our operations in the first quarter and
full-year 2022; tonnage of ore to be mined and processed; ore
grades and recoveries; prices for silver, gold and base metals
remaining as estimated; currency exchange rates remaining as
estimated; capital, decommissioning and reclamation estimates; our
mineral reserve and resource estimates and the assumptions upon
which they are based; prices for energy inputs, labour, materials,
supplies and services (including transportation); no labour-related
disruptions at any of our operations; no other unplanned delays or
interruptions in scheduled production; all necessary permits,
licenses and regulatory approvals for our operations are received
in a timely manner; our ability to secure and maintain title and
ownership to properties and the surface rights necessary for our
operations; and our ability to comply with environmental, health
and safety laws. The foregoing list of assumptions is not
exhaustive.
Pan American Silver cautions the reader that forward-looking
statements and information involve known and unknown risks,
uncertainties and other factors that may cause actual results and
developments to differ materially from those expressed or implied
by such forward-looking statements or information contained in this
news release and Pan American Silver has made assumptions and
estimates based on or related to many of these factors. Such
factors include, without limitation: the duration and effects of
COVID-19, and any other pandemics on our operations and workforce,
and the effects on global economies and society; fluctuations in
silver, gold and base metal prices; fluctuations in prices for
energy inputs, labour, materials, supplies and services (including
transportation); fluctuations in currency markets (such as the PEN,
MXN, ARS, BOB, GTQ and CAD versus the USD); operational risks and
hazards inherent with the business of mining (including
environmental accidents and hazards, industrial accidents,
equipment breakdown, unusual or unexpected geological or structural
formations, cave-ins, flooding and severe weather); risks relating
to the credit worthiness or financial condition of suppliers,
refiners and other parties with whom Pan American Silver does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards; employee relations; relationships
with, and claims by, local communities and indigenous populations;
our ability to obtain all necessary permits, licenses and
regulatory approvals in a timely manner; changes in laws,
regulations and government practices in the jurisdictions where we
operate, including environmental, export and import laws and
regulations; changes in national and local government, legislation,
taxation, controls or regulations and political, legal or economic
developments in Canada,
the United States, Mexico, Peru,
Argentina, Bolivia, Guatemala or other countries where Pan
American Silver may carry on business, including risks relating to
expropriation and risks relating to the constitutional
court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of
mineral reserves as properties are mined; increased competition in
the mining industry for equipment and qualified personnel; and
those factors identified under the caption "Risks Related to Pan
American's Business" in Pan American Silver's most recent form 40-F
and Annual Information Form filed with the United States Securities
and Exchange Commission and Canadian provincial securities
regulatory authorities, respectively. Although Pan American Silver
has attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described or intended.
Investors are cautioned against undue reliance on forward-looking
statements or information. Forward-looking statements and
information are designed to help readers understand management's
current views of our near and longer term prospects and may not be
appropriate for other purposes. Pan American Silver does not
intend, nor does it assume any obligation to update or revise
forward-looking statements or information, whether as a result of
new information, changes in assumptions, future events or
otherwise, except to the extent required by applicable law.
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content:https://www.prnewswire.com/news-releases/pan-american-silver-announces-preliminary-2021-production-results-301463529.html
SOURCE Pan American Silver Corp.